President Muhammadu Buhari has assured Nigerians that the 11.9km Second Niger Bridge, 120km Lagos-Ibadan Expressway and other key projects under the Presidential Infrastructure Development Fund (PIDF) will be completed within the second term of this administration.
The assurance by the President follows the remarkable progress made in the execution of these projects and the determination of the current administration to complete them. This was stated by the President at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organized to assess progress made towards the achievement of the nine key priorities of this Administration.
According to NAN, President Buhari, at the occasion of the retreat, which is the third edition since the second term of his administration, highlighted some of the Federal Government’s notable achievements in the last 2 years.
What President Buhari is saying
Buhari in his statement, listed accomplishments in the areas of infrastructure, transportation, economy, electricity supply, the petroleum industry, among others.
He said, “On transportation, we are growing the stock and quality of our road, rail, air and water transport infrastructure.
‘‘The PIDF projects are also advancing remarkably. These include the 11.9km Second Niger Bridge, 120 km Lagos-Ibadan Expressway, 375 km Abuja – Kaduna – Zaria – Kano Expressway and the East West Road. Most of these projects are expected to be completed within this 2nd term of our Administration.
‘‘Some of the notable achievements include the establishment of InfraCo Plc in 2020, as a world class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion, to be managed by an independent infrastructure fund manager.
‘‘The Presidential Infrastructure Development Fund was also established in 2020 with more than USD 1Billion in funding. In addition, we have launched the Nigeria Innovation Fund by the Nigerian Sovereign Investment Authority (NSIA).
”This is aimed at addressing investment opportunities in the domestic technology sector: data networking, datacenters, software, Agri-tech, Bio-tech, and more.’’
Going further, President Buhari noted that his administration had made tremendous progress on railway projects in the country, noting that upgrading of the railway network is being extended with the recent completion of the Lagos–Ibadan line.
‘‘The Itakpe-Ajaokuta rail line has finally been completed and commissioned after 30 years of its conception. Work is expected to commence very soon on the Port-Harcourt Maiduguri line and Calabar – Lagos Coastal Line to connect the Southern and Eastern States of our Country.
”Progress is also being made on the upgrading of our Airports, with the state-of-the-art facilities in line with world class safety standards,” he said.
What you should know
The current administration had earlier identified infrastructural development as a major way to boost the economy.
President Muhammadu Buhari had in May 2018, approved the establishment of a Presidential Infrastructure Development Fund (PIDF), which is to be managed by the Nigeria Infrastructure Development Fund (PIDF), which is to be managed by the Nigeria Sovereign Investment Authority (NSIA), and invested specifically in critical road and power projects across the country.
The National Economic Council (NEC) also authorised the initial transfer of $650 million dollars to the NSIA from the Nigeria Liquefied Natural Gas (NLNG) Dividend Account, as seed funding for PIDF.